Skipton Building Society is launching a new Track Record product which will include £1,000 cashback, in a bid to help first-time buyers with the additional costs required when buying a home.
The product will be available from Wednesday 16th October.
The Skipton Group Affordability Index identified that only one in eight aspiring first-time buyers can afford a home in their local area.
Skipton’s Track Record mortgage aims to enable even more aspiring homeowners trapped in the rental cycle, to purchase a home without the need for a deposit.
This product launch followed Track Record’s successful performance in September, which recorded the highest monthly application value this year, with over £9.6m in applications – taking total applications since launch up to over £130m.
Jen Lloyd, head of mortgage products and propositions at Skipton Building Society, said: “The current climate has made it increasingly challenging for first-time buyers to step onto the property ladder.
“We launched the Track Record Mortgage in 2023, to help people escape the rental trap and get the keys to their very own home.
“Since launch we’ve reviewed and enhanced our proposition and we’re pleased to confirm the launch of a new Track Record product, including £1,000 cashback.
“By helping to cover some of the often-overlooked costs of purchasing a home, we hope to provide first-time buyers with a valuable boost and make the dream of homeownership a reality sooner.”
